business

what are the 4 customer needs

price, convenience, quality, choice

what is one way to add value to a product

improve quality or convenience

what is a unique selling point(USP)

a service or product that makes a business stand out

why are businesses created

To meet customer needs or to adapt products

why might business change their products

change in customer needs or changes in aims and objectives

what does obselete mean

no longer used or in business

what might cause i business to become obselete

failure to adapt to customer needs and becoming outdated

what are 2 financial objectives of becoming an entrepeneur

profit, survival,

what are 3 non financial objectives of becoming an entrepeneur

independence, personal satisfaction, success

what is an entrepenur

someone who takes on risks of enterprise activity

what are 3 things an entrepeneur must do

take risks, make business decisions, organise resources

why do business convey market research

to understand customer needs, trends and performance within the market

what is market size

the number of potential buyers or sellers

why does market research help

helps to make informed decisions, spot gaps in the market and reduce risks

what is primary research

carrying out research yourself about customers or potential buyers

what are 3 examples of primary research

observation, surveys, questionares

what is secondary research

studying and analysing other business work

what are 3 examples of secondary research

internet, government reports , market research reports

what is quantitve data

data that can be meassured or reduced to a number

what is qualititve data

data based on peoples feelings and opinions

what is market segmentation

dividing customers within a market into groups

what can a market be segmented by

age, location, income , lifestyle